Jeffrey Katzenberg : Madoff lossses have done "extraordinary damage" to his philanthropic efforts.

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By Jamie Dunkley
Last Updated: 9:18AM GMT 10 Jan 20

In an interview with CNBC, Katzenberg, who was not specific about the size of his losses, said it was a "disgrace" that Madoff was currently free on bail adding that his own losses have done "extraordinary damage" to his philanthropic efforts.
"The first time I heard the name Bernie Madoff was about three weeks ago," he said. "What it has done to other people is terrible. It's destroyed many people's lives. People that I know."

Madoff, 70, a former chairman of the NASDAQ stock exchange, was arrested by the FBI on December 11 and charged with securities fraud after he allegedly told senior executives at his New York-based firm that the funds under his management were "basically a giant Ponzi scheme".

According to Bloomberg, the Marilyn & Jeffrey Katzenberg Foundation had listed assets of $22.1m as of 2007, according to a September tax filing. The foundation's donations totalled $455,333, with the largest sum of $100,000 going to the Motion Picture and Television Fund.

Katzenberg serves on the boards of the Motion Picture and Television Fund, the Museum of the Moving Image, Cedars-Sinai Medical Centre, California Institute of the Arts and the Simon Wiesenthal Center. He also as been a major fund-raiser for Aids Project Los Angeles.
Madoff's arrest has sent tremors throug the Hollywood hills, with DreamWorks co-founder Steven Spielberg and actor Kevin Bacon also among those affected. Several Jewish charities have also been hit including the Jewish Community Foundation of Los Angeles, which lost $18m – just under 5pc of its assets.

Meanwhile, it has emerged that Madoff had around 100 signed cheques totalling more than $173m in his office desk at the time of his arrest.

The claim, which emerged as the Serious Fraud Office began an investigation into Mr Madoff's UK operations, came from US prosecutors who are seeking to have Mr Madoff imprisoned ahead of trial after allegedly breaching his bail conditions. He stands accused of defrauding investors of up to $50bn, in what could be the largest "Ponzi" scheme on record.

Mr Madoff ordered his UK operation to transfer £100m from the UK to the firm's US operations just two weeks before he allegedly confessed.
Investigators who searched the 70-year-old's $7m apartment after his arrest on December 11 found the cheques "ready to be sent out" in his desk drawer. The criminal complaint filed last month against the accused fraudster alleges that Mr Madoff told sons Andrew and Mark he wanted to transfer remaining funds to certain staff, family and friends.